LOS ANGELES-Real estate investment manager RREEF has purchased two institutional-grade retail properties in Beverly Hills for $35 million. RREEF purchased the two properties from Chicago-based real estate firm L3 Capital, which purchased the properties for $19 million in 2011 as two separate transactions.

“Quality tenants continue to flock to this location and demand has not shown any signs of slowing down,” says Greg Schott, co-founder and managing principal of L3 Capital. “Both domestic and international retailers have shown strong interest in this stretch of Beverly Hills as it has transformed into one of the premier shopping areas of Los Angeles.”

Located at 408-410 N. Beverly Dr. and 350-354 N. Beverly Dr., the properties have a total of 11,200 square feet and are currently leased to fashion boutiques Theory, Alice + Olivia and Maje. According to L3 Capital, the area has experienced a recent revitalization with high-end retailers, like AllSaints and Intermix, and restaurants signing leases nearby.